President Emmerson Mnangagwa on Friday night announced that fuel prices are going up with effect from midnight.
Addressing the media at State House in the company of Vice President Constantino Chiwenga, Acting Energy and Power Development Minister Perence Shiri and Finance Minister Mthuli Ncube, President Mnangagwa said both petrol and diesel will now cost $3. 31 per litre up from Z$1.33.
“With effect from midnight tonight, a fuel pump price of $3,11 per litre for diesel, and $3,31 per litre for petrol, will come into effect. These prices are predicated on the ruling official exchange rate of 1:1 between the Bond Note and the United States Dollar, and also on the need to keep fuel retailers viable,” said President Mnangagwa
He said the 233% fuel price hike was meant to stabilise fuel trading activities.
However the fuel shortage is being experienced at a time when the country is facing a wave of price increases, which observers say are linked to foreign currency shortfalls.
The debilitating fuel shortages had now hit an all time high with most fuel stations having erratic supplies leading to long queues.
The President added that that upon production of proper identification documents tourists, foreign missions, NGOs and other ‘foreign bodies’ will be able to buy fuel at designated points at US$1.32 per liter of petrol and US$1.24/L per liter of diesel.